Follow us

Leading global law firm Herbert Smith Freehills has advised Morgan Stanley Asia Limited and Huatai Financial Holdings as joint sponsors of medical device manufacturer Peijia Medical Limited’s mainboard listing on the Stock Exchange of Hong Kong.

The IPO was over-subscribed by more than 1,100 times at the Hong Kong public offering and raised approximately HK$2.34 billion (US$302 million), and listed on 15 May 2020. The offering attracted 14 cornerstone investors that subscribed to shares worth HK$1.178 billion in total (US$151 million).

Herbert Smith Freehills has now advised on four biotech listings worth HK$7.856 billion in total since the Hong Kong exchange introduced its new regime for biotech listings in 2018.

“We are delighted to have advised Morgan Stanley and Huatai on this IPO,” said Hong Kong partner Matt Emsley. “Chinese biotech companies’ strong research and development and advanced products have fuelled the growth of this sector in China over the last decade.”

Peijia Medical produces replacement heart valve and vascular repair devices, vital for minimally invasive treatment of heart disease, aneurisms and stroke. Its products have been designed specifically for Chinese patients and healthcare providers.

“Peijia Medical is the 17th biotech listing on Hong Kong’s Main Board under the exchange’s relaxed biotech regime since it was introduced in 2018,” said Singapore partner Siddhartha Sivaramakrishnan, who advised on US securities law aspects of the offering.

“High-profile biotech listings continue to be attractive to the market due to their growing technical advantage and market potential.”

“The strong response to the IPO also demonstrates the biotech sector’s resilience to the market uncertainty of recent months,” said Herbert Smith Freehills Kewei joint operation partner Stanley Xie. “We congratulate Peijia Medical on its IPO, and look forward to its continued success.”

Partners Matt Emsley, Siddhartha Sivaramakrishnan and Stanley Xie jointly led the team, assisted by senior associate Jin Kong, associates Maisie Ko, Jaime Fong, Tracy Lee and Sean Ji, trainees Samuel Au and Rachel Lam, and paralegal Hilary Chong and Jessica Sun.



沛嘉医疗在首次公开募股中获得超1100倍认购,融资约23.4亿港元 (约合3.02亿美元),于2020年5月15日开始在香港联交所交易。其中,14位基石投资者认购金额约为11.78亿港元 (约合1.51亿美元)。


史密夫斐尔香港办公室合伙人艾迈修 (Matt Emsley) 表示:“我们很高兴在此次IPO中为摩根士丹利和华泰国际提供法律服务。过去十年,中国生物技术公司凭借强大的研发能力和先进的产品推动了中国生物技术行业的飞速发展。”


史密夫斐尔新加坡办公室合伙人Siddhartha Sivaramakrishnan表示:“沛嘉医疗是港交所自2018年4月推出主板上市规则第18A章节、放宽生物技术公司上市条件以来,第17家按照该规则在港上市的生物技术公司。”



艾迈修、Siddhartha Sivaramakrishnan和谢守德率领律师团队为此次上市提供法律服务。主要团队成员包括孔瑾 (Senior Associate)、高美诗 (Associate)、方靖颐 (Associate)、利卓思 (Associate)、季晓源 (Associate)、区健聪 (Trainee)、林诺宜 (Trainee)、种欢子 (Paralegal) 以及孙菁 (Paralegal)。

Key contacts

Matthew Emsley photo

Matthew Emsley

Managing Partner, China, Hong Kong

Matthew Emsley
Stanley Xie photo

Stanley Xie

, Hong Kong

Stanley Xie
Jin Kong photo

Jin Kong

Senior Foreign Registered Lawyer (USA – New York), Hong Kong

Jin Kong

Media contact

For further information on this article please contact

Sally Greig

Sally Greig, Head of Communications, Asia

Hong Kong

Media contact

For further information on this article please contact